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STATE OF COLORADO <br /> Colorado Water Conservation Board I <br /> Department of Natural Resources .ov•Coto <br /> 1313 Sherman Street,Room 721 <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 * * - <br /> Fax:(303)866-4474 ,*f 8�6 <br /> www.cwcb.state.co.us ` '`�i! <br /> John W.Hickenlooper <br /> May 23, 2014 Governor <br /> Mike King <br /> DNR Executive Director <br /> Mr. Eric Wilkinson, General Manager James Eklund <br /> Northern Colorado Water Conservancy District CWCB Director <br /> 220 Water Avenue <br /> Berthoud, CO 80513 <br /> Re: Granby Hydropower Project C150396 <br /> Mr. Wilkinson: <br /> I am pleased to inform you that on May 22,2014,the Colorado Water Conservation Board <br /> approved your loan request for the Granby Hydropower Project as described in the application <br /> and approved Loan Feasibility Study titled"Feasibility Design Report Granby Hydropower <br /> Project" dated August 2011. The Board approved a loan not to exceed$5,135,183 ($5,084,340 <br /> for project costs and $50,843 for the 1% Loan Service Fee). The loan terms shall be 2.0%per <br /> annum for 30 years. <br /> I have attached a copy of the updated Board memo dated May 23,2014,that includes the Board's <br /> approval. <br /> After the Board approves a loan there are a few steps that remain in the loan process including: <br /> A) Contracting: An approved contract must be in place before funds can be disbursed. Peg <br /> Mason will contact you to initiate the loan contracting process for this project. When all of <br /> the contract conditions are met and the contract is executed the Company may request loan <br /> funds to cover eligible project expenses. You can reach Peg at(303) 866-3441 x3227. <br /> B) Design/Construction: You must adhere to the CWCB Design and Construction <br /> Administration Procedures. Jonathan Hernandez,P.E.,will be the Project Manager for this <br /> phase of the process and will work with you on the disbursements of your loan funds. You <br /> can contact him at(303) 866-3441 x3234. <br /> Staff further recommends that no funds be disbursed until the following contract conditions have <br /> been satisfied: <br /> 1) Execution of the Lease of Power Privilege <br /> 2) Execution of the Power Purchase Agreement <br /> Interstate Compact Compliance•Watershed Protection•Flood Planning&Mitigation•Stream&Lake Protection <br /> Water Project Loans&Grants•Water Modeling•Conservation&Drought Planning•Water Supply Planning <br />